One in every £5 of tax paid by future generations is set to be swallowed up by interest on government debt, according to new analysis by the Institute for Public Policy Research (IPPR).

In troubling news for Britain's highest earners, Mr Burnham has been urged by a staunch ally to bring in a two per cent wealth tax at his first Budget next month.

One in every £5 of tax paid by future generations is set to be swallowed up by interest on government debt, according to new analysis by the Institute for Public Policy Research…